NEWS
China Could Cancel 2 MMT of Soy Imports
Lin Tan DTN China Correspondent
Mon Jan 27, 2014 12:33 PM CST

BEIJING (DTN) -- China imported a record 63.37 million metric tons (2.3 billion bushels) of soybeans in 2013. Another record delivery of 5.4 mmt (198.4 mb) is on tap for January, reflecting several demand pattern changes, experts said.

Chinese soybean importers have shifted the timing of their purchases to take advantage of basis, one of the biggest changes affecting the U.S. export market.

"Buyers now try to buy beans early in the crop year to catch the lower basis and ocean fright," said Zhonghua Wang, a trader in Beijing. Crushing companies like to book their cargo whenever they see a ...

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